Blogs.Industry Word

Marketing to Customers in a Post-Recession Economy

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Marketing to Customers in a Post-Recession Economy

The Great Recession officially ended in 2009, but it sure didn't feel that way for most consumers (or businesses). Now, however, the economy finally is on an upward trajectory, with consumer sentiment, business hiring plans and employment data all looking up. Whether your company targets consumers or businesses, here’s what to keep in mind to successfully market to customers as their spirits rise and their wallets start to open again.

Take advantage of pent-up desire. According to Time magazine, one indicator of the improving economy is that sales of men’s underwear are up. During tough times, you see, consumers put off restocking even the necessities, like boxers and briefs. Whether you sell discretionary items like cosmetics and tablet computers, or necessities like underwear and copy paper, chances are your customers have been scrimping on it for the past few years, and they’re eager to let loose and buy.

Realize customers are still seeking value. A pent-up desire to buy doesn’t mean customers are going to go crazy with their budgets. During the past few years, businesses and consumers alike have learned to make do, do without, and shop around for the best value. Keep in mind that best value doesn’t always mean lowest price. If your marketing messages can show customers how your product or service will last longer, save them money or time, or otherwise make their lives easier, they’ll be willing to spring for it even if your price isn’t the lowest in town.

Focus on rewards. Customers don’t want to seem or feel overindulgent or greedy, but they do believe they deserve some reward for the past few years of scrimping, saving and sensible spending. Marketing messages that portray your products or services as a well-deserved treat, reward or indulgence will go a long way toward convincing customers to buy. Keep in mind, though, that since we’re just coming out of a recession, small splurges will sell best at first until consumers and businesses gain more confidence.

Prepare for change. With a shift in the economy underway, businesses and consumers alike will be more open to making changes in products, services and vendors. They’ll be ready to trade “make-do” service providers for ones that offer better quality, services or selection. That, plus the natural sense of renewal that spring brings, means now is a great time to work on capturing new leads and pursuing old ones you may have given up on.

Emphasize optimism. Americans are an optimistic people and we like positive messages in our advertising. Even fear-based products like burglar alarms sell better with positive messages (“Protect your family”). Show how your product or service will make the customer’s life, family or business better, stronger, happier. Use positive words and uplifting images. Coming out of a tough few years, people are ready to spend to achieve the positive.

Keep pace with technology. Consumers and businesses alike have become expert at seeking out the best products, services and prices using tools like mobile phones, tablets, review and ratings sites and local search engines. Make sure your business is taking advantage of this new approach to shopping by listing your business on search engines, rating and review sites, and optimizing your business website for mobile use so customers can find you wherever and whenever they’re looking for what you have to sell.

About the Author:

Rieva Lesonsky is CEO and President of GrowBiz Media, a media company that helps entrepreneurs start and grow their businesses. Follow Rieva at Twitter.com/Rieva and visit SmallBizDaily.com to sign up for her free TrendCast reports.
She's been covering small business and entrepreneurial issues for more than 30 years, is the author of several books about entrepreneurship and was the editorial director of Entrepreneur magazine for over two decades

Comments:

thomcarter | 11/18/2014 - 5:28 am

Interesting topic. Others lost their jobs and a lot of people are struggling to get hired, there still a hope for everyone. A recent census releases an annual report of several things such as financial status from the previous years' information. Among other findings, the Census found poverty rates hardly changed and the median income declined, nationally. Median income slumped last year, working-class Americans are having a harder time of things. Check out https://personalmoneynetwork.com/

ParkerP | 12/4/2013 - 5:53 am

I have a really bad credit rating, but I am responsible with money and got a job again after the recession. Sadly, my car stopped working and I needed to pay a mechanic to get it up and running immediately. With a no credit check payday cash advance, I was able to get my car repaired right away and get back to work. Get more information at:
https://personalmoneynetwork.com/

Dugg Australia | 3/30/2013 - 9:00 am

Yes, we have a Men's underwear online shop in Australia, which is pretty big. It is true we have also experimented and increase in sales lately, but then again in Australia the recession has not hit as hard, by far, as in Europe and USA.
The economy is getting so global, that we cannot unrelate to it. From here we are trying to help, hiring people online, from the recession area. We think we will never get back to the old system, as many things have influenced in the actual economy, the internet, the wars, the fusion of countries with only one currency in Europe, China, etc... we will soon find a new global balance. We think that we need to find new ways of energy, that will help a lot.

SKitchens | 5/25/2012 - 6:47 pm

I agree the recession has been tough on the majority of business owners; Eventhough, home remodeling is supposed to be doing better. The majority of the investor I supplied now demands the same product at a lesser cost and longer terms. Making it that much more difficult to supply a quality product in my case.
http://skitchens.com/news.php

Melda | 4/23/2012 - 8:04 am

Recession would be the toughest part in the world of business, if big industries are affected how much more for those small enterprise that mainly rely on massive production. But still the key to survival is to face the huge wave of problem with courage.
Definitely a business still alive when there's customer and that would lead a hope to continue in offering good services.

Florida Hypnosis | 4/19/2012 - 10:49 pm

Thanks for all the great ideas. I did not even think how people's spending habits have changed because of the recession. I am sure I will benefit greatly from everything I have learned from this article. Thank you very much for sharing.

gonfl | 6/7/2012 - 8:03 pm

Lol nice !!

ncaaseason | 6/6/2012 - 10:10 pm

I also like this article

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